Key Highlights

  • Heartflow shares were trading down 16.72% at USD 49.90 on Friday, November 13, 2026, in market data, implying a prior close of about USD 59.92 (calculated), the day after the company reported third-quarter results.
  • Third-quarter Revenue rose 57% to USD 72.9 million, with U.S. revenue up 60% to USD 67.9 million and international revenue up 29% to USD 4.9 million, according to the November 12, 2026 release.
  • Full-year 2026 revenue guidance was raised to USD 262 million to USD 264 million from USD 246 million to USD 250 million, and non-GAAP gross Margin guidance rose to about 82.5% from about 82%.
  • The net loss narrowed to USD 11.5 million, or USD 0.13 a share, from USD 50.9 million, and cash, cash equivalents and investments were USD 253.0 million on September 30, 2026.

Strong Results Meet a Sharp Selloff

Heartflow (NASDAQ:HTFL) was trading down 16.72% at USD 49.90 on Friday, November 13, 2026, in market data, the figure of record for the live session only. The company reported third-quarter results on November 12, 2026, with revenue up 57% to USD 72.9 million and what management called its fastest U.S. growth in 11 quarters. No analyst action, consensus comparison or other news was verified, so the reason a quarter this strong met a decline this large was not established. High expectations are one possible reading, but that was not confirmed. Calculated, the quoted price is about USD 10 below the prior close.

Margins Widened and Losses Narrowed

Heartflow provides a platform that analyzes heart scans to assess coronary artery disease. GAAP gross margin rose to 83.6% from 76.5%, and non-GAAP gross margin to 83.8% from 76.8%. Adjusted EBITDA was a loss of USD 3.6 million against a loss of USD 9.8 million a year earlier. The GAAP net operating loss was USD 13.8 million, and non-GAAP net loss was USD 2.7 million, or USD 0.03 a share. Non-GAAP operating expenses were 91% of revenue. The company said Heartflow Plaque Analysis activations are ramping ahead of plan and that revenue growth has accelerated for three consecutive quarters. The U.S. contributed USD 67.9 million, or about 93% of the total (calculated).

A USD 15 Million Guidance Lift and What Could Still Go Wrong

The raised revenue guidance of USD 262 million to USD 264 million implies growth of about 49% to 50%, and its midpoint is about USD 15 million, or 6%, above the prior midpoint (calculated). The release gave no full-year adjusted EBITDA guidance. More than 1,800 institutions use the platform and over 800,000 patients have been served. Risks include reimbursement changes, competition in cardiac imaging analysis and a high valuation after a strong run, with losses still not closed. The date of the next report was not confirmed. Image acceptance rates were above 97%, a quality measure the company highlighted.

Where Things Stand

A selloff of this size after strong results has no verified single cause. Heartflow (NASDAQ:HTFL) delivered 57% revenue growth, wider margins and higher guidance on November 12, 2026, yet shares were down 16.72% at USD 49.90. The release shows no operational miss, so expectations, positioning or a sector move may be at work, none of which was confirmed. The next markers are any analyst response, the fourth-quarter report, with its date not confirmed, and progress on plaque analysis adoption. Cash of USD 253.0 million provides a cushion while losses narrow, though profitability is not yet achieved.